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Affordability

In keeping with Lake Ridge Academy's commitment to achieve an economically diverse community, the school offers tuition assistance to families based upon their demonstrated financial need. Each family’s specific financial circumstances – including income, expenses, assets, family size, and number of students attending private schools or colleges – are carefully considered.  Although we are unable to offer financial assistance to all families interested in having their child attend Lake Ridge Academy, concerns regarding tuition costs should not prevent families from exploring our school. We do not consider a family’s finances when we make our admission decisions.

Financial Aid
Tuition assistance awards are allocated on an annual basis after a review of the family’s financial information.  In order to allocate awards, we require families to complete the SSS application when they newly apply to Lake Ridge Academy, and again when their child is entering sixth or ninth grade.  Families may complete the SSS application more frequently if they believe their financial position has changed significantly since the time of their last application.  Once a student receives an award, the school is committed to continued financial support at a similar level (families should expect tuition to increase 2-5% annually) if the financial status of the family remains consistent and the student remains in good standing at the school both academically and behaviorally. Financial aid awards are up to 60% of the tuition.

Scholarships 
Scholarships, based on academic merit and leadership abilities, are available to students entering grades 6 through 11, with a maximum award of $10,000 per year. Scholarship awards will continue through graduation and will not be altered, augmented, or replaced, provided the student maintains his or her academic eligibility. In addition, there are restricted and endowed scholarships available to assist qualifying students who might not otherwise be able to obtain a Lake Ridge Academy education. The guidelines vary for each scholarship and these awards need not be repaid.

Grants
Grants are offered to students entering Kindergarten through grade 12, and are based upon factors such as demonstrated need, academic performance, contributions to leadership, service, or extracurricular activities. Grants are reviewed annually, based upon funding available, and need not be repaid.

If you are applying to Lake Ridge Academy and wish to be considered for financial aid, grants, or merit scholarships, please complete the SSS secure online application at https://sss.secure.force.com/familyportal.  

                                           

                                         2017-2018 Tuition Schedule

Grade                    

 Tuition*         

 Fees


Tuition & Fees Less
60% Maximum Financial Aid 

Kindergarten  $18,270 $700       $7,588
First  Grade $18,230 $1,200      $7,772
Second Grade $19,420 $1,200   $8,248
Third Grade $20,650 $1,200   $8,740
Fourth Grade $21,180 $1,200   $8,952
Fifth Grade $21,710 $1,200   $9,164
Sixth Grade $21,740 $1,700   $9,376
Seventh Grade $22,130 $2,200   $9,732
Eighth Grade $23,130 $2,700   $10,332
Ninth Grade $24,420 $2,200   $10,648
Tenth Grade $26,020 $2,200   $11,288
Eleventh Grade $26,800 $2,200   $11,600
Twelfth Grade $27,100 $2,700   $11,920

 

 *Tuition schedule applicable for domestic students only.  

 

Lake Ridge Academy 2016-2017 Financial Assistance Statistics 

16 17 Affordability Charts 3

Click the image for a larger view.

 

 

FREQUENTLY ASKED QUESTIONS

Does every family applying to Lake Ridge Academy need to submit financial forms?

 
No. Only those families who feel that they are unable to afford the full tuition price and want to apply for financial assistance need to submit the forms.

Will application for financial assistance impact the likelihood of my child’s acceptance?

 
No. Although application for enrollment occurs simultaneously, it is a completely separate process. Financial circumstances are not considered in deciding the suitability of an applicant for admission to Lake Ridge Academy.

How does a family apply for financial assistance?

 
Application is made through SSS. Through this independent third party, an online application can be completed at  https://sss.secure.force.com/familyportal.  Based on the financial information provided, a recommendation is made to Lake Ridge Academy of an estimated amount that a family can contribute to educational expenses. This base recommendation helps us make fair and objective decisions regarding tuition.

What are the requirements for Divorced, Separated, or Never-Married Parents?

Both custodial and non-custodial parents who are divorced, separated, or never married are expected to contribute to educational costs (unless a legal settlement exists) and are required to submit a SSS application.  If parents/guardians reside in separate households, the income and expenses of both households are considered when making tuition recommendations.  In exceptional cases where one parent cannot comply, the custodial parent should submit a written explanation to seidelc@lakeridgeacademy.org .  The absence of information from either parent or guardian may prevent determination and/or significantly impact the tuition amount that is established.  Families can send supporting documents directly to SSS by mail or scan and email them. The address and instructions for submission are on the SSS website. The required supporting documents are your most recent tax return, W-2s and 1099s.

What kind of information is considered when determining tuition for each family?

 
Many factors are considered when calculating an affordable tuition for each family, including those listed below. Specific factors considered include income, assets, family size, unusual expenses, and other discretionary costs.  More details can be found on the SSS website.

  • Income: Pre-tax earnings from wages, business or investments. The costs considered are not exactly the same factors used by the IRS to calculate taxable income.         Therefore, all schedules must be submitted. If one custodial parent is unemployed, an annual income assumption for that parent will be entered.
  • Assets: Includes savings, major liquid assets, and investments, as well as student assets (savings, trust accounts, etc.). Parent age is taken into account with respect to consideration of retirement savings.
  • Family size: The number of people in a household is considered when calculating living-allowance estimates. Available discretionary income is adjusted by estimated        expenditures including housing, food, medical needs, etc.
  • Expenses: Includes the amount you pay for other children in your home (childcare, college, etc.), educational loan payments and other  debt, medical costs that are not covered  by insurance, unusual expenses (such as caring for an aging parent), and discretionary expenditures.

Who will make the determination of tuition for each family?

 
The tuition for each family will be established by Lake Ridge Academy's Financial Assistance Committee in review meetings. The committee will base their determination on the recommendation made by SSS and any additional details and financial information provided by the applicants.

What if there are additional factors that are not included on the SSS?

 
If you wish the Financial Assistance Committee to consider particular details related to your financial profile that are not adequately relayed in the required documentation (recent loss of job, for instance), a letter of explanation should be submitted directly to seidelc@lakeridgeacademy.org.  You may be asked to provide additional documentation to support statements in your letter.

When will I be notified of my family's established tuition?

 
Applicants who applied for financial assistance and are accepted to Lake Ridge Academy will receive an enrollment contract with their customized tuition amount within one week of the Committee’s determination.  Contracts must be signed and returned, with the enrollment deposit, by the specified date on the contract to ensure that the financial awards will remain available.

Is all information submitted kept confidential?

Yes. All materials submitted and the tuition established for each family is kept fully confidential. In turn, we ask that families not share information about their specific tuition with others.